2021 New Build House Price Affordability
Are new build houses too expensive for this generation of buyers?
New research, analysed by Openpropertygroup.com, shows that the North West is the most affordable region and Cambridgeshire is the most affordable county to buy a New Build house.
Data from National Statistics calculated affordability ratios based on ‘New Build house prices-to-workplace-based’ earnings. The higher the number/ratio, the less affordable, on average, it is for a resident to purchase a house in their local authority district.
Worcestershire is the least affordable county to buy a new build house in, scoring the highest ‘New Build house price-to-workplace-based earnings’ ratio of 13.58. It was closely followed by West Sussex which had a ratio of 13.41 and Warwickshire which scored an affordability ratio of 13.23.
Openpropertygroup.com Managing Director, Jason Harris-Cohen said: "It is no secret that newly built houses carry a price premium. Buyers are paying extra to be the very first owner of a property that's immaculately decorated, kitted out with the latest appliances and built to be energy efficient. The privilege of a turn-key ready property is, however, something that many purchasers are willing to pay for - especially in the most popular locations. Interestingly, while there has always been a North-South divide when it comes to the cost of buying a brand new home, our latest analysis shows the gaps are closing.
Homeowners across England and Wales can benefit from selling their house fast, with a selling timeframe that suits you, by selling to Open Property Group
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